Welspun Gets $161 Million to Finance India’s Largest Solar Plant

March 5 (Bloomberg) -- Welspun Group gained 8.85 billion
rupees ($161 million) from lenders led by Central Bank of India
to finance the country’s largest solar project.

Welspun, India’s biggest solar developer, signed long-term
loans for its 130-megawatt venture in the Mandsaur district of
Madhya Pradesh, the company said today in a statement. The solar
plant, India’s largest according to Welspun, will power 660,000
homes when switched on in May next year.

Federal and state authorities are encouraging solar energy
to boost generation and cut power shortages that are impeding
economic growth. The central Indian state of Madhya Pradesh has
an annual power deficit of 17.9 percent, according to Welspun.

The company has more than 300 megawatts of clean energy
projects in construction or operation with plans to commission
1.75 gigawatts of solar and wind in the next few years, it said.